| Morning all, Craig McGlashan here on Europe Wire duty from the London newsroom. Several factors are developing in favor of the UK mid-market, Sullivan Street Partners’ Richard Sanders tells us this morning in the latest of our 2025 Outlook pieces. Dealmaking generally looks to be picking up as we get into January, including in sectors that were already performing strongly last year. Ardian Semiconductor has made its second acquisition, Investindustrial has made an add-on in the cosmetics packaging sector and Providence Equity Partners-backed ATG Entertainment has entered the Spanish market with an acquisition. Filling pipeline Sullivan Street Partners hopes that 2025 will match last year’s dealmaking momentum, Richard Sanders, founder and managing partner, told PE Hub’s Sophie Rose in the latest of our 2025 Outlook pieces. Find out more in the premium version of the Wire. Chipping away The semiconductor industry offers private markets the “opportunity of the decade,” Silian Partners managing director and co-founder Thomas Pebay-Peyroula told PE Hub in an interview last year. The comments came as we revealed that Ardian Semiconductor – a platform managed by private equity firm Ardian with industry expertise from Silian Partners, an operating partner team led by senior executives from the semiconductor industry – had made its first investment, buying Ion Beam Services (IBS). The platform has now made its second investment. Find out the details in the premium version of the Wire. Packing together Next up is an add-on that combines two sectors that have been attracting a lot of private equity interest – cosmetics and packaging. Investindustrial’s subsidiary Luxury Cosmetic Solutions Investments has agreed to acquire a majority stake in Eurovetrocap, a cosmetics packaging integrator. Details including the combined revenue are in the premium version of the Wire. Curtain call Finishing up, we’ve got a deal in the entertainment sector. It’s an industry that private equity has been investing heavily in – including in the category often defined as ‘experience’: live music, shows and other in-person media. Providence Equity Partners-backed ATG Entertainment has now acquired Som Produce, a theatre producer, operator and distributor in Spain. There’s certainly been a boom in live entertainment since much of the world’s population were stuck at home during covid-19 lockdowns. It’ll be interesting to see whether that growth can be maintained. If you have any thoughts on the subject, send them over to me at craig.m@pei.group Right, that’s it from me today. Rafael Canton is on US Wire duty later today and Nina Lindholm will be in the Europe chair tomorrow. Cheers, Craig Read the full Wire commentary on PE Hub ... | 